The combination of artificial intelligence (AI) and blockchain technology is an emerging trend in the field of data analytics. Blockchain technology is designed to provide a secure, decentralized platform for transactions and data sharing, while AI is capable of processing and analysing vast amounts of data to uncover insights and patterns.

Blockchain technology is no longer only connected with cryptocurrencies; it is now being used in various industries to help organisations obtain insights from mountains of data. Information is the lifeblood of business. The faster and more accurate it is received, the better. According to IBM, blockchain is suited for delivering such information since it provides immediate, shareable, and entirely transparent data kept on an immutable ledger that can only be viewed by network users with permission.[1]

"A blockchain network can track orders, payments, accounts, production, and much more," according to IBM. "And, because members share a single view of the truth, you can see all details of a transaction end-to-end, giving you greater confidence as well as new efficiencies and opportunities."[1]

Figure 1.AI And Blockchain Are Being Combined for The Future of Data Analytics

Figure 1 shows Blockchain is thought to be a shared and permanent ledger that will be utilised for data encryption in the future. The AI engine, on the other hand, allows a person to analyse and make judgements based on the collected data. It is worth noting that each technology has several facets, but the combination of artificial intelligence and blockchain will give numerous benefits. The combination of blockchain's inherent strength in providing immutable data that can be trusted implicitly and AI's ability to extract important insights from that data is extremely beneficial.[2]

By combining these two technologies, companies can create a secure and transparent data-sharing platform that enables real-time analytics and decision-making. One of the main benefits of this approach is that it can help to address the issue of data privacy and security. Blockchain provides a tamper-proof and auditable ledger that ensures the integrity and confidentiality of data, while AI can analyse this data to extract valuable insights.

There are many potential use cases for the combination of AI and blockchain in data analytics, such as supply chain management, fraud detection, and healthcare. For example, in supply chain management, blockchain can be used to track the movement of goods and provide real-time visibility into the supply chain, while AI can be used to analyse this data to identify inefficiencies and areas for improvement. Overall, the combination of AI and blockchain is an exciting development in the field of data analytics, with the potential to transform the way companies analyse and share data in a secure and transparent way.

References:

1. https://technologymagazine.com/articles/combining-ai-and-blockchain-for-the-future-of-data-analytics
2. https://indiaai.gov.in/article/rise-of-blockchain-ai-technology-what-to-expect-from-2023

Cite this article:

Janani R (2023), AI And Blockchain Are Being Combined for The Future of Data Analytics, Anatechmaz, pp.79